March繼續作為市場情感坦克的加密貨幣幻燈片

加密貨幣市場繼續降低後降落，3月下降了4.4％，在貿易緊張局勢升級和持續的不確定性之中

The crypto market continued its post-tariff collapse, dropping 4.4% in March, amid escalating trade tensions and ongoing uncertainty around a potential Fed rate cut, with market sentiment on cryptos sinking to a new low.

加密貨幣市場繼續其後的宣布後崩潰，3月下降了4.4％，這是由於貿易緊張局勢升級和潛在的稅收降低率持續的不確定性，而加密貨幣的市場情緒下降到了新的低點。

The March drop continues the crypto sector’s February price slump, which saw the sector lose 20.2% in market cap, leading crypto exchange platform Binance revealed in its latest monthly market update.

3月下降延續了加密貨幣部門的2月份價格低迷，該行業的市值損失了20.2％，領先的加密交易所平台Binance在其最新的每月市場更新中揭示了。

This is, however, still well off the 2022 price crash, with crypto’s value sinking by 65% over a successive three-month Q2 decline.

但是，這仍然遠遠超過了2022年的價格崩潰，在連續三個月的第二季度下降的情況下，加密貨幣的價值下降了65％。

Total crypto market capitalisation has dropped an estimated 25.9% from January highs — wiping out around US$1 trillion in value, which, according to Binance, has underscored its sensitivity to macroeconomic instability.

總加密市值比一月份的高點估計下降了25.9％ - 削弱了約1萬億美元的價值，根據Binance的說法，這已經強調了其對宏觀經濟不穩定的敏感性。

The March 2025 drop saw Bitcoin lose nearly a quarter (19.1%) of its value since the Trump Administration flagged the introduction of tariffs, while Ethereum, the second-most popular crypto coin, was down 44%. Bitcoin is currently valued at US$80,637 (AU$129,134) per coin, while Etherum is currently at US$1,541 (AU$ 2,467).

自特朗普政府標記關稅的引入以來，2025年3月下降的比特幣損失了近四分之一（19.1％），而第二個受歡迎的加密貨幣幣以太坊下跌了44％。比特幣目前的價值為80,637美元（AU $ 129,134），而Etherum目前為1,541美元（AU $ 2,467）。

However, altcoins were the biggest losers over this period, with Memecoin, Artificial Intelligence, and Layer 2 all losing more than half their value in this period.

但是，在此期間，AltCoins是最大的失敗者，在此期間，Memecoin，人工智能和第2層都失去了一半以上的價值。

Bucking the trend was Toncoin (TON), created by Telegram Messager app founder Nikolai Durov, which surged 17.1% last month following a disclosure by the TON Foundation that over US$400 million in TON had been purchased from early investors by blockchain focused venture capital firms including Sequoia, Ribbit, and Benchmark, alongside a significant rise in native accounts, (up four million to 41 million over the past year).

Telegram Messager App創始人尼古拉·杜羅夫（Nikolai Durov）在上個月披露，該基金會披露，該趨勢是噸幣（噸），該公司在噸基金會的披露中飆升了17.1％，該基金會披露了超過4億美元的噸位，由Blockchain集中的風險投資公司從早期投資者那裡購買了超過4億美元的投資者，包括Quetoia，Ribbit和Benchmark和Benchmark和Benchmark，以及一定的本地賬戶，超過400億美元（400億億1,100億美元）。

“The broad selloff has erased early-year gains across much of the crypto market, pushing even BTC into negative territory year-to-date (YTD) as of early April — despite its strong performance in 2024,” Binance noted.

Binance指出：“廣泛的拋售已經消除了加密貨幣市場的早期增長，儘管在2024年的表現強勁，但截至4月初，甚至將BTC逐漸陷入了消極的領土（YTD）。”

Doge coin (-17.6%), Solana (-15.8%) and Link (-9.7%) also saw notable price retreats.

Doge Coin（-17.6％），Solana（-15.8％）和Link（-9.7％）也看到了值得注意的價格撤退。

Locally, however, Australian traders largely stuck with Bitcoin, with Ripple and Cardano seeing gains off the back of Trump’s announcement of a Strategic Crypto Reserve (which includes these coins). Others being considered for inclusion in the Reserve also saw modest increases in value.

然而，在當地，澳大利亞商人在很大程度上被比特幣困住了，波紋和卡達諾（Ripple）和卡爾達諾（Cardano）看到特朗普宣布戰略加密保護區（其中包括這些硬幣）的收益。其他被考慮將其納入儲備的人也看到價值不大。

Since the first round of tariffs, announced in early February, the crypto sector has lost more than a quarter of its value (25.9%), following the drop in the S&P 500, which declined 17.1% over the same period.

自2月初宣布的第一輪關稅以來，加密貨幣部門的價值損失了四分之一以上（25.9％），因為標準普爾500指數下降，同期下降了17.1％。

Binance notes that crypto assets have moved “largely in lockstep with equities, with both experiencing cooling demand, broad selloffs, and a slide into correction territory”.

Binance指出，加密資產“在很大程度上以股票為單位，都經歷了冷卻需求，廣泛的拋售和滑入更正領域的趨勢”。

Meanwhile, gold, the traditional safe haven asset during times of economic tumult, has rallied to 10.3%, breaking successive all-time highs.

同時，在經濟騷動時期，傳統的避風港資產黃金（Gold）已上漲至10.3％，破壞了連續的歷史高潮。

The tariff tensions bubbled over in March, with the imposition of trade imposts on Canada and Mexico, contributing to a US$1 billion crypto liquidation in cryptocurrency derivative markets on 4 March.

關稅緊張局勢在3月起冒泡，對加拿大和墨西哥施加了貿易犯罪，在3月4日在加密貨幣衍生品市場進行了10億美元的加密貨幣清算。

March has seen market sentiment turn decidedly cautious on crypto, Binance wrote in its update, with investors displaying “classic ‘risk-off’ behaviour”.

Binance在更新中寫道，三月的市場情緒在加密貨幣上非常謹慎，投資者展示了“經典的“風險”行為”。

This sentiment was reflected in a recent fund manager survey, Binance found, with only 3% of respondents stating they would allocate to Bitcoin in the current environment (that is, in the current trade war). This is in sharp contrast to gold, which was favoured by 58%.

Binance發現，這種情緒反映在最近的基金經理調查中，只有3％的受訪者表示他們將在當前環境中分配給比特幣（即當前的貿易戰）。這與黃金形成鮮明對比，黃金受到58％的青睞。

The US Dollar (favoured by just 15% of investors), 30-Year Treasury bonds (9%) and 3-month T-bills (4%) were similarly in disfavour.

美元（僅15％的投資者青睞），30年的國庫券（9％）和3個月的T-Bills（4％）同樣在Disfavour中。

Binance, which trades around half the global crypto spot trading volume, notes that crypto markets are behaving increasingly like risk assets.

Binance交易大約是全球加密貨幣交易量的一半，指出加密市場的行為越來越像風險資產。

“A prolonged trade war could continue to weigh on capital flows and dampen demand for digital assets in the near term.

“長時間的貿易戰爭可能會繼續在短期內權衡資本流量和對數字資產的需求。

“As a result, capital that might have entered crypto is either staying on the sidelines or shifting into perceived safe havens like gold.”

“因此，可能進入加密貨幣的資本要么呆在場邊，要么像黃金一樣轉移到諸如黃金之類的避風港。”